Under a specific set of facts, a C corporation sale to an ESOP may be able to utilize the tax provision benefits of combining Section 1202 of the Internal Revenue Code of 1986, as amended (the “Code”) and Code Section 1042. If those facts are present, a seller of stock in a leveraged ESOP transaction may be able to receive some proceeds tax-free while deferring the remaining tax on the sale.

In life, as well as in business, the key difference between success and failure (or stagnation) is execution. More specifically, simply doing what you already know you need to do always improves the probability of success.

Effective Jan. 1, 2019, Indiana implemented a new excise tax on the rental of heavy equipment from a location in Indiana. The rental excise tax is 2.25 percent of the gross retail rental income. The renter is liable for the tax, and it will be collected by the retail merchant and sourced to the location from which the equipment is rented. The tax may be reported in the same manner used to report the retail merchant’s Indiana sales and use tax (INTax).

From the middle of 2017 to the middle of 2018, trucking was on a roll. With industry growth of three percent – a seismic number compared to other industries – trucking outpaced GDP. Leaders agree the heydays are unlikely to continue at such an impressive pace, and a reversion to the mean is expected, but the industry is still well-poised to maintain a positive outlook going forward.

Katz, Sapper & Miller is pleased to announce our two newest partners, Randy Hooper and Stephen Royster. These individuals embody KSM’s values as they provide innovative solutions and superior service to help their clients achieve the great things they want to accomplish. We congratulate them on this outstanding achievement.

In the midst of the day-to-day flurry of wagging tails and purring patients, it’s easy to lose sight of strategies that can help keep a veterinary hospital healthy and running smoothly. Developing a plan to effectively manage labor costs is one strategy that can help do just that.
So where should you start? Though it might sound daunting, simply being intentional about how you view and manage labor is the first step. It doesn’t have to be complex, but being thoughtful and planning ahead can have a significant impact on profitability.

New Jersey is currently running an amnesty program that allows taxpayers an opportunity to become compliant with certain state tax liabilities and unfiled tax returns. The state has identified certain companies and individuals with outstanding liabilities on account and contacted them regarding this program; however, companies and individuals that were not contacted by the state are also eligible to participate.

When the Tax Cuts and Jobs Act (TCJA) made qualified transportation fringe benefits (QTFs) nondeductible, it changed how parking expenses are treated. Recently, the IRS released interim guidance (Notice 2018-99) on how not-for-profit organizations can determine the amount of these expenses that must be treated as an increase in unrelated business taxable income (UBTI) as of Jan. 1, 2018.

The revenue recognition methodology for the construction industry will change with the adoption of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). Topic 606 is effective for public companies for periods beginning after Dec. 15, 2017 and for most non-public companies for periods beginning after Dec. 15, 2018. Early adoption is permitted.